Global Residential Outdoor Storage Products Market 2017-2021
About Residential Outdoor Storage Products
Residential outdoor storage products include storage sheds, and decks and boxes that are used for storing garden furniture or equipment, quad bikes, mobility scooters, bicycles, barbecue tools, motorbikes, and others. These storage products are available in a variety of sizes, designs, and materials. With the increasing consumer emphasis on comfortable, well-furnished, and improved outdoor spaces, manufacturers of outdoor furniture are being encouraged to develop new and improved products. This factor has helped broaden the existing range of outdoor furniture available in the market. Innovations in terms of style, design, fabric, and material have also led to the expansion of product portfolios of vendors. Apart from the aforementioned factors, the growing demand for eco-friendly furniture is also favoring the market's growth. Thus, with an increase in demand for outdoor furniture, the demand for residential outdoor storage products will also increase.
Technavio’s analysts forecast the global residential outdoor storage products market to grow at a CAGR of 3.96% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential outdoor storage products market for 2017-2021. To calculate the market size, the report considers the sales, volume, and value; and exclude new installations, shipments, retrofit, replacement, spares, aftermarket, and services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Outdoor Storage Products Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential outdoor storage products market: Lifetime Products, Newell Brands, ShelterLogic, and Suncast
Other Prominent Vendors in the market are: Harwal Group, Palram Applications, Cedarshed, Porta-King, Keter, Absco Sheds, and Leisure Season.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Surge in innovative product designs. Residential outdoor storage product manufacturers are coming up with innovative and trendy designs with the changing consumer needs. With advances in technology, these competitors produce multi-functional and durable products to maintain a competitive edge. The market has also witnessed an evolution in the use of raw materials in residential outdoor storage product manufacturing processes.”
According to the report, one of the major drivers for this market is Multiple benefits of residential outdoor storage products. Residential outdoor storage products help in utilizing and enhancing the available space and can be used in diverse ways. For instance, these products can store unused furniture, garden furniture or equipment, quad bikes, mobility scooters, bicycles, barbecue tools, and motorbikes. These storage boxes are available in a variety of designs and materials; consumers can choose between plastic, wooden, metal, and wicker residential outdoor storage boxes. Many of these products are waterproof and keep all the items safe during different weather conditions. Moreover, most models feature a lock for extra security and come with a floor panel to offer the best protection; these products do not rot, rust, or get damaged easily. In addition, these products are portable and easy to assemble as they do not need special tools to set up, which, in turn, makes them more convenient for residential users.
Further, the report states that one of the major factors hindering the growth of this market is Long replacement cycle. Generally, consumers purchase residential outdoor storage products if they have a large open area that they can utilize. Modern interior design trends play a vital role in the purchase decisions of customers. Most of the residential outdoor storage products such as sheds, and decks and boxes are meant for long-term use and do not require frequent replacement. Branded residential outdoor storage products are durable and of superior quality; consumers only need to take care of the maintenance and cleaning cost over the years, which is very low. In addition, as consumers do not buy these products frequently, marketers find it difficult to build brand loyalty. This reduces the need for frequent purchase of the products, which is one of the major challenges for the global residential outdoor storage product market.
Lifetime Products, Newell Brands, ShelterLogic, and Suncast, Harwal Group, Palram Applications, Cedarshed, Porta-King, Keter, Absco Sheds, and Leisure Season.
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